These funds will be utilized for developing upcoming products for the home care category. Clensta recently entered into a tie up with a Pharma giant Cipla for developing “ waterless body bath and waterless shampoo”, its first commercialized product.
Puneet Gupta, CEO and founder of Clensta International while commenting on the fund raise said, “The company already has a presence in over 500 hospitals and more than 25,000 retail outlets including pharmacies and is now looking to penetrate through direct to consumer channels as well”
He further added, “ this debt fund will help us grow further and reach out to consumers at a faster pace. Also it provides us the opportunity to expand offline as well as online and cover all important sales channel”
SEBI approved the revenue based growth capital firm N+1 capital to deploy the capital in India and make its first investment debt fund. The aim of investing these $100 million (approximately 730 crores) is to provide the entrepreneurs an aid to increase profitability, scalability and sustainability of their business.
The entrepreneurs will not have to put at stake their personal guarantee and will have greater capital infusion. On the other hand this will also build trust and credibility for upcoming investors.
Rahul Chowdhury, managing partner at N+1 capital said that, “ N+1 sector that knows nothing, and the qualifying criteria are actually steady-state, as well as growing startups and micro and small enterprises with minimum monthly revenue of Rs 50 lakh, and at least 30 percent gross margin. Having said that, the fund is currently working with SaaS startups and some Direct-to-Consumer startups”.